Ripple Price Analysis: XRP/USD Facing Uphill Task Near $0.40

Ripple Price Analysis: XRP/USD Facing Uphill Task Near $0.40

Ripple price fell sharply, traded below the $0.3500 support area, and later recovered against the US dollar.

There is a major bearish trend line in place with resistance at $0.3750 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair is likely to struggle to clear the $0.3900 and $0.4000 resistance levels in the near term.

Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD must break the $0.3750 and $0.3900 resistances to recover further.

Ripple Price Analysis

There was a nasty downside move from well above the $0.4200 level in ripple price against the US Dollar. The XRP/USD pair tumbled and broke the $0.4000 and $0.3500 support levels. There was even a close below the $0.3500 level and the 100 hourly simple moving average. The decline was such that the price traded close to the $0.3100 level. A new monthly low was formed at $0.3126 before the price started an upside correction.

It recovered above the $0.3400 and $0.3500 levels. There was also a break above the 50% Fib retracement level of the recent decline from the $0.4143 high to $0.3126 low. However, the upside move was capped by the $0.3900 resistance and the 100 hourly SMA. Moreover, there is a major bearish trend line in place with resistance at $0.3750 on the hourly chart of the XRP/USD pair. The pair also struggled to settle above the 61.8% Fib retracement level of the recent decline from the $0.4143 high to $0.3126 low. It seems like the price must break the $0.3800, $0.3900 and $0.4000 resistance levels to move back in a positive zone.

Looking at the chart, ripple price is currently under pressure below the $0.3900 resistance. On the downside, the main supports are $0.3550 and $0.3400.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.

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